Do you have any experience at all with running a bar? Or running a kitchen? I got pretty far into almost buying an old pub last year and lost a bunch of money because our restaurant manager with experience dropped out of it.
Can the old owner guide and coach you into how to run a pub successfully? Running anything in food service is a steep learning curve and while pouring drinks might be easy, managing staff, running a kitchen, managing spoilage/spillage, cleaning, marketing, etc. can be quite arduous. Factor in an extra 1-2 hours of cleaning every night before you can go home.
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